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Tesco set to end ‘junk’ status with asset sell-off

Tesco is set to end its ‘junk’ status with the sale of its South Korean and Dunhumby consumer data businesses.

The supermarket is waiting for the first bids for its South Korean business on August 17, which could be worth more than £4bn, according to the Mail on Sunday.

It is also hoping to bank more than £2bn for the sale of its Dunhumby business.

A successful sale would be more than enough to plug the £5bn hole in its finances, which debt rating agency Moody’s reduced to junk in January.

In June, Moody’s said it would need more than £5bn to rebuild its balance sheet and get its investment grade credit rating back.

@Tara_Hounslea

 

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